World's most powerful man is worth only Rs 43.3 crore!

World's most powerful man is worth only Rs 43.3 crore!

United States President Barack Obama's estimated assets for the last year are valued at $8 million (Rs 43.3 crore), his latest annual financial disclosure forms show and he has up to $1 million (Rs 5.4 crore) in the JP Morgan Chase, the bank which is under the Federal Bureau of Investigation scanner.

The FBI investigation into J P Morgan Chase started after the bank last week revealed that it lost some $2 billion (Rs 10.8 crore) in a risky hedge.

In an interview, which was telecast on Tuesday, Obama identified it as one of the best-managed banks.

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Image: US President Barack Obama addresses joint news conference in the East Room of the White House in WashingtonPhotographs: Reuters

World's most powerful man is worth only Rs 43.3 crore!

The annual financial disclosure also revealed that Obama has a 30-year housing loan of more than $500,000 (Rs 2.7 crore) on his Chicago home at an interest rate of 5.625 per cent, which is considered to be a bit high given the current rates. He can easily refinance his home mortgage to a rate as low as four per cent.

It is understood that Obama has repaid a large chunk of his housing loan.

Image: US President Barack Obama and first lady Michelle Obama walk from Air Force OnePhotographs: Reuters

World's most powerful man is worth only Rs 43.3 crore!

The Chicago Tribune reported in 2009 the mortgage originally was for $1.32 million (Rs 6.84 crore), but the disclosure form reports the mortgage as between $500,000 (Rs 2.7 crore) and $1 million (Rs 5.2 crore).

According to Politico, in the last year's disclosure form, Obama had no more than $250,000 (rs 1.3 crore) in J P Morgan Chase account.

The Obamas in 2011 held total assets ranging from $2,566,000 (Rs 13.9 crore) to $8,265,000 (Rs 44.7 crore).

Image: Obama walks from the White House to a church service with his wife Michelle and their daughters Sasha and Malia in WashingtonPhotographs: Reuters

World's most powerful man is worth only Rs 43.3 crore!

Obama also earns a substantial income from the sale of his books, the disclosures reveal. The forms also show that the Obamas made from $ 250,000 (Rs 1.3 crore) to $2.1 million (rs 11.34 crore) in book royalties in 2011.Dreams from My Father and the children's book Of Thee I Sing each accounted for $100,000 (Rs 54.2 lakh) to $1 million and The Audacity of Hope accounted for $50,000 (Rs 2.7 lakh) to $100,000.

Image: Obama prepares to sign his book for a participant at a small business event in WashingtonPhotographs: Reuters

World's most powerful man is worth only Rs 43.3 crore!

In the previous year's forms, Obama had disclosed receiving several gifts such as Bo — the $1,600 (rs 86,600) Portuguese water dog given to the first family by the late Senator Ted Kennedy -- and the $1.4 million (Rs 7.6 crore) cash prize that accompanied Obama's 2009 Nobel Peace Prize. The money was donated to charity.

As compared to Obama, the US Vice-President Joe Biden appears to be relative pauper.

Image: Obama plasy with the first family's dog, Bo, at the White HousePhotographs: Reuters

World's most powerful man is worth only Rs 43.3 crore!

Biden in his financial disclosure form reported assets of at least $239,000 (Rs 1.2 crore) and at least $175,000 (Rs 94.8 lakh) in liabilities, excluding his mortgage.Biden's mortgage also exceeds $500,000 (Rs 2.7 crore), but has a lower interest rate of 4.625 per cent.

According to his financial disclosure form, Biden has from $2,000 (Rs 1.08 lakh) to $30,000 (rs 16.2 lakh) in two savings accounts and $2,000 to $32,000 (Rs 17.3 lakh) in four checking accounts. He also had income of from $15,000 (Rs 8.13 lakh) to $50,000 (Rs 27.1 lakh) from a residential rental property in Wilmington, Delaware.

Image: Obama and Vice President Biden at the White House in WashingtonPhotographs: Reuters